Bradley Valentin 
The latest CPI Report from the U.S. Bureau of Labor Statistics, released on April 10, shows a massive 0.9% increase for March. Energy prices were the main concern here, with an overall 10.9% increase. Gasoline was up an astronomical 21.2%, while oil was up 30.7%. All items less food and energy (which are highly volatile) were up only 0.2%, showing that energy prices were the main factor.
Gas and Oil Concerns
The Iran conflict is the major reason for the issues with gas/oil prices. The United States started military operations in Iran on February 28th. There was an immediate spike in oil prices due to fears of supply, as prices quickly spiked.
Prices started to come down on talks of ceasefires, but issues in the Strait of Hormuz continue to lead high speculation.
The national average gas price sits at $4.125 as of 4.13, according to AAA. Some states, like California and Illinois, are seeing prices well over $5/gallon.
Fortunately, the United States gets very little of its oil reserves from the Strait of Hormuz, but the issues with global oil prices remain. As the conflict comes to a slow, and the Strait hopefully opens quickly, gas prices should slowly move down. They may not hit the lows of $2/gallon or less that many were seeing, but $4+ should a thought of the past.
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